Could US become most crypto-friendly nation following Trump's VP pick?

Crypto community shows high enthusiasm following Donald Trump's choice of JD Vance as his running mate.
Vance has been vocal in supporting crypto, holding a portion of Bitcoin and voting against the SAB 121.
A win for Trump could secure a positive environment for the crypto industry in the US.

Michael Ebiekutan FXStreet

Presidential candidate Donald Trump announced Ohio's Senator JD Vance as his running mate on Monday, securing a full pro-crypto stance for the Republican party.

Trump solidifies pro-crypto stance following VP pick

Donald Trump announced he chose Ohio Senator JD Vance as his running mate in the upcoming presidential elections in November. The announcement came following his official nomination as the presidential candidate of the Republican party in the Republican National Convention on Monday in Milwaukee.

"After lengthy deliberation and thought, and considering the tremendous talents of many others, I have decided that the person best suited to assume the position of Vice President of the United States is Senator JD Vance of the Great State of Ohio," Trump wrote on Truth Social.

JD Vance has a demonstrated record supporting crypto, dating back to 2022 when he disclosed Bitcoin holdings of up to $250,000. The senator also proposed a bill in 2023 to provide better regulations for banks that would ensure cryptocurrency companies are well-catered to.

Additionally, in the recent vote to remove SAB121, Vance actively opposed its continuation.

Meanwhile, Trump's move has sparked high enthusiasm among crypto community members, who believe the duo could help end the regulatory issues faced by the crypto industry if voted in. Many crypto community members suggest that Trump's win will set off the next bull run for the crypto market.

Notably, Trump has been a major influencer of a pro-crypto-Republican government since the beginning of his campaign. The former President said he would ensure "the future of crypto and the future of Bitcoin are made in the USA" and "support the right to self-custody." This has led to Trump's series of pro-crypto actions, including a keynote address at the upcoming Bitcoin Conference.

The Republican party has also majorly sided with Trump, adding support for cryptocurrency regulations to their agenda tagged Make America Great Again.

Author

Michael Ebiekutan

FXStreet

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Dogecoin ticks lower as low Open Interest, funding rate weigh on buyers

Dogecoin extends its decline as risk-off sentiment dominates across the crypto market. DOGE’s derivatives market remains weak amid suppressed futures Open Interest and perpetual funding rate.

Crypto Today: Bitcoin, Ethereum, XRP decline as risk-off sentiment escalates

Bitcoin remains under pressure, trading above the $87,000 support at the time of writing on Tuesday. Selling pressure has continued to weigh on the broader cryptocurrency market since Monday, triggering declines across altcoins, including Ethereum and Ripple.